Ethereum’s price remains on the rise as the market records a high of $830 today.
Ether has been recording highs over the past few weeks, and it has now gotten as high as $830. The price has been rising consecutively for four days showing that the bulls have full control of the market. Ether will soon breakthrough the next significant resistance level of $850.
At the same time, Bitcoin is rising toward $10,000 indicating a win in the industry these past few days.
Will Ethereum Breakthrough the $849.08 Resistance Before the End of the Coming Week?
A 61.8% Fib. Retracement of $713.24 was breached last Wednesday followed by a significant increase in the price of Ether. There is a long body of bullish candlesticks corresponding with the trading session on Wednesday. Four bullish candlesticks have formed since then with higher rises in price recorded daily.
Upward candlestick shadows are corresponding to Friday’s and Saturday’s trading sessions that denote an increase toward the $849.08 resistance.
All the price indicators point to one logical scenario: Ether’s price will keep growing and will reach $849.08 within the next few days of trading.
Viewing the chart from the downside, the support levels are $713.24 and $660. The 4 hour chart of ETH/USD shows that Ether’s price has been moving on an upward trendline since the 7th of April.
The 200 period SMA has been crossed by the 50 period SMA. At the time of writing, the 100 period SMA had been passed by the 50 period SMA while the 200 period SMA is about to be crossed by the 100 period SMA. All these patterns are indicators of a bullish dominance in the market. They show the strength of the bulls.
In conclusion, Ether’s price is still on the rise. Saturday’s high of $830 makes this evident. Technical analysis shows that it will go up towards $850 before any downward correction attempt becomes evident.